non resident business partner

D

Dream250

Registered User
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16
I'm in process of setting up a new take away business and I have a question about my business partner. He is investing money as a partner but he does not live in Ireland and does not have any connections to Ireland also he will not be working here.
Does he needs to be registered?, can someone point me where I can find information or wish is the best govt department should I speak to?.
Your help is much appreciated
 
Re: business Partner

is this an unincorporated partnership or via a limited company ?
 
Re: business Partner

You need to check the legislation on directors from www.cro.ie regarding having a shareholder/director who is non-resident in Ireland. Generally no majr problems regarding shareholders but if your partner is going to be a director then there are provisions regarding non-resident directors. If you have set up the company through a solicitor / company formation agent, I suggest that you contact them with your questions.
 
There is only a requirement for one director to be Irish resident in order to incorporate an Irish limited company. If there are no Irish resident directors, you are required to put a Bond in place - the rules regarding the requirements for a Bond have very recently changed, but so long as you are Irish resident, you do not need to be concerned with Bonds.

When the company is registered for taxes, you will provide the details of the directors to the Revenue on the Form TR2.

Whether or not your partner needs to be registered for other things depends on factors such as what type of income he intends to draw from the company (if any). e.g. Does he intend to draw a salary from the company?

[broken link removed]
 

The requirement for an Irish Resident Director has changed to the requirement to have a Director who is resident in the EEA. The EEA is the EU plus Iceland, Norway and Liechtenstien.

Therefore, if you have only two directors in a company and they both live in France, there is no requirement to have a Bond in place anymore.
 

Are you sure this has been signed into law? As far as I know this hasn't been signed into law by McAleese yet....
 
An update on the above.

The Companies Amendment Act 2009 passed through all stages of the Oireachtas and was signed into law on the 12th July 2009 by the President.
 
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